SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 6-K REPORT OF FOREIGN ISSUER

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 Date: September 29, 2005 UBS AG (Registrant s Name) Bahnhofstrasse 45, Zurich, Switzerland, and Aeschenvorstadt 1, Basel, Switzerland (Registrant s Address) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

Cautionary statement regarding forward-looking statements Introduction Operating and Financial Review and Prospects Financial Businesses Wealth Management & Business Banking Wealth Management Business Unit Reporting Business Banking Switzerland Global Asset Management Business Group Reporting Investment Bank Wealth Management USA Corporate Center Private Banks & GAM Corporate Functions Industrial Holdings Additional Notes to the Financial Statements INCORPORATION BY REFERENCE SIGNATURES TABLE OF CONTENTS

This Form 6-K consists of the June 2005 Mid-Year Report, which appears immediately following this page.

Cautionary statement regarding forward-looking statements This communication contains statements that constitute forward-looking statements, including, but not limited to, statements relating to the implementation of strategic initiatives, such as the European wealth management business, and other statements relating to our future business development and economic performance. While these forward-looking statements represent our judgements and future expectations concerning the development of our business, a number of risks, uncertainties, and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, (1) general market, macro-economic, governmental and regulatory trends, (2) movements in local and international securities markets, currency exchange rates and interest rates, (3) competitive pressures, (4) technological developments, (5) changes in the financial position or creditworthiness of our customers, obligors and counterparties and developments in the markets in which they operate, (6) legislative developments, (7) management changes and changes to our Business Group structure and (8) other key factors that we have indicated could adversely affect our business and financial performance which are contained in other parts of this document and in our past and future filings and reports, including those filed with the SEC. More detailed information about those factors is set forth elsewhere in this document and in documents furnished by UBS and filings made by UBS with the SEC, including UBS s Annual Report on Form 20-F for the year ended 31 December 2004. UBS is not under any obligation to (and expressly disclaims any such obligations to) update or alter its forwardlooking statements whether as a result of new information, future events, or otherwise. Page 1

Introduction UBS produces regular quarterly reports, which are submitted to the SEC under Form 6-K. These reports are prepared in accordance with International Financial Reporting Standards (IFRS). SEC regulations require certain additional disclosure to be included in registration statements relating to offerings of securities. This additional disclosure is contained within this document, which should be read in conjunction with UBS s Annual Report on Form 20-F for the year ended 31 December 2004, filed with the SEC on 16 March 2005, as well as UBS s First Quarter 2005 Report and Second Quarter 2005 Report submitted to the SEC under Form 6-K on 4 May 2005 and 10 August 2005 respectively. Page 2

Operating and Financial Review and Prospects SEC regulations specify that the discussion of a company s performance should be by comparison to the same period in the previous year (for example, comparing first half of current year to first half of previous year). UBS normally makes comparisons to the corresponding period of the previous year when discussing its results and the results of those business units with significant seasonal components to their income streams (principally the Investment Bank). For its other individual business units however, UBS s reporting normally focuses on the progression of results from one quarter to the next (comparing second quarter performance to first quarter performance of the same year, for example). We have therefore provided the following disclosure which is supplementary to the disclosure already included in our first and second quarter 2005 reports, and which makes comparisons to prior periods as prescribed by the SEC. This disclosure should be read together with the discussion of results in our first and second quarter 2005 reports. UBS REVIEW Results UBS reported in first half 2005 a net profit attributable to UBS shareholders ( attributable profit") of CHF 4,772 million, compared to a net profit of CHF 4,320 million in first half 2004. Our financial businesses contributed CHF 4,538 million to first half attributable profit, up from CHF 4,188 million a year earlier. Industrial holdings, including our private equity portfolio and majority stake in Motor-Columbus, contributed CHF 234 million, or 4.9%, to UBS s attributable profit. This segment made up 22.0% of our operating income and 27.0% of operating expenses. UBS PERFORMANCE INDICATORS We have four main performance indicators that indicate how we focus on continually improving returns to our shareholders. The first two of our four targets, return on equity and earnings per share, are calculated on a full UBS basis. Our cost / income ratio target is limited to our financial businesses, to avoid the distortion from industrial holdings, which operated at a 90.4% cost / income ratio in first half 2005: - Our annualized return on equity for first half 2005 was 28.2%, up from 27.2% in the same period a year ago and again well above our target range of 15% to 20%. Amortization of goodwill reduced the first half 2004 ratio by 2.3 percentage points. It had no effect on return on equity this year as we ceased amortizing goodwill at the beginning of 2005 following the introduction of new accounting standards. - Basic earnings per share stood at CHF 4.70 in first half 2005, up from CHF 4.12 in the same period a year earlier. Amortization of goodwill reduced basic earnings per share by CHF 0.35 in first half 2004. - The cost / income ratio of our financial businesses stood at 69.8% in first half 2005, below the 71.8% shown in the same period last year. Amortization of goodwill accounted for 1.9 percentage points of the ratio in first half 2004. Net new money in our wealth management businesses continued to be strong. In first half 2005, we attracted CHF 40.4 billion, compared to CHF 29.4 billion in the same period a year earlier. Our Wealth Management unit reported inflows of CHF 33.8 billion in first half, up from CHF 24.4 billion a year earlier - its best result ever, driven by record inflows into our domestic European business and further strong contributions from Asian clients. In our Wealth Management USA business, net new money was CHF 6.6 billion, up from CHF 5.0 billion a year earlier. Page 3

Operating and Financial Review and Prospects Financial Businesses Income statement 1 % change Year to date or as at from CHF million, except where indicated 30.6.05 30.6.04 1H04 Operating Income Interest income 28,150 19,318 46 Interest expense (23,240) (13,429) 73 Net interest income 4,910 5,889 (17) Credit loss (expense) / recovery 206 130 58 Net interest income after credit loss expense 5,116 6,019 (15) Net fee and commission income 10,535 9,883 7 Net trading income 3,522 3,337 6 Other income 312 325 (4) Total operating income 19,485 19,564 0 Operating expenses Cash components 8,994 8,899 1 Share-based components 811 744 9 Total personnel expenses 9,805 9,643 2 General and administrative expenses 2,962 3,240 (9) Services to / from other business units (7) (11) 36 Depreciation of property and equipment 636 625 2 Amortization of goodwill 0 363 (100) Amortization of other intangible assets 64 87 (26) Total operating expenses 13,460 13,947 (3) Operating profit before tax 6,025 5,617 7 Tax expense 1,247 1,219 2 Net profit 4,778 4,398 9 Net profit attributable to minority interests 240 210 14 Net profit attributable to UBS shareholders 4,538 4,188 8 Additional information Headcount (full-time equivalents) 69,200 66,022 5 1 Excludes results from industrial holdings. Page 4

Operating and Financial Review and Prospects Operating income Total operating income was CHF 19,485 million in first half 2005, CHF 79 million lower than first half a year ago. Declining net interest income was practically offset by the performance of our wealth and asset management businesses, which benefited from strong net new money inflows and rising market valuations, helping them to generate robust asset-based fees. Net interest income was CHF 4,910 million in first half 2005, down from CHF 5,889 million in the same period a year earlier. Net trading income was CHF 3,522 million in first half 2005, up from CHF 3,337 million in first half 2004. As well as income from interest margin based activities (loans and deposits), net interest income includes income earned as a result of trading activities (for example, coupon and dividend income). This component is volatile from period to period, depending on the composition of the trading portfolio. In order to provide a better explanation of the movements in net interest income and net trading income, we analyze the total according to the business activities that give rise to the income, rather than by the type of income generated. At CHF 5,482 million, net income from trading activities in first half 2005 was 14% lower than the CHF 6,409 million recorded in the same period a year ago. Equities trading income, at CHF 1,653 million, was marginally higher than CHF 1,642 million a year earlier. Strong growth in the prime brokerage business and a solid performance in the derivatives and equity finance businesses was mostly offset by lower cash trading results. Trading income from our fixed income business fell to CHF 2,975 million in first half 2005 from CHF 3,770 million in the same period a year earlier. The decline was driven by difficult trading conditions and lower market volumes throughout the first half. This led to lower revenues in our credit fixed income and rates business lines. Lower revenues in municipal bond trading related to the difficult interest rate environment further contributed to the decrease. Revenues of CHF 91 million relating to Credit Default Swaps (CDSs) hedging existing credit exposure in the loan book compare with revenues of CHF 65 million a year ago. Foreign exchange revenues fell to CHF 677 million from CHF 836 million a year earlier, reflecting weaker performance in our derivatives trading business, somewhat offset by increased revenues in cash and collateral trading. Net income from interest margin products rose to CHF 2,645 million in first half 2005 from CHF 2,555 million in the same period a year earlier. The largest driver in the increase was the growth in lending to wealthy clients worldwide as well as higher volumes in our Swiss mortgage business. This was partly offset by lower income from our Swiss recovery portfolio. At CHF 305 million in first half 2005, net income from treasury and other activities rose 16% from CHF 262 million a year earlier. Positive factors, such as the benefits of the diversification of our equity into currencies other than the Swiss franc and gains on financial instruments were partially offset by a timing effect due to cash flow hedge ineffectiveness related to derivatives hedging interest rate risk. Page 5

Operating and Financial Review and Prospects At CHF 10,535 million, first half 2005 net fee and commission income was up 7% from CHF 9,883 million in first half 2004. Practically all fee categories saw improvements. Underwriting fees, at CHF 1,433 million, were up 7% from CHF 1,337 million recorded a year ago, driven by another robust performance in bond underwriting fees, which rose 32% to CHF 792 million from CHF 602 million in the same period last year as corporate clients continued to take advantage of relatively low interest rates. This was partially offset by a 13% decrease in equity underwriting fees, which fell to CHF 641 million from CHF 735 million in the same period last year, primarily due to low levels of market activity at the start of the year. At CHF 574 million, corporate finance fees in first half rose significantly (21%) from CHF 473 million in the same period the previous year, reflecting the strength of our corporate client franchise. Net brokerage fees rose 1% to CHF 2,451 million in first half 2005 from CHF 2,432 million in first half 2004, reflecting primarily higher volumes in the institutional equities business, and some improvement in private client activity. Investment fund fees, at CHF 2,546 million, were up 11% from the CHF 2,287 million posted in first half 2004. They were driven by increased invested assets in both UBS and third-party mutual funds. Portfolio and other management fees increased by 10% to CHF 2,514 million in first half 2005 from CHF 2,276 million a year earlier. The increase is the result of rising asset levels driven by market valuation and strong net new money inflows and higher performance fees on traditional investment products. It also reflects the success of our managed account portfolios in our wealth management units, with their proportion within Wealth Management USA increasing significantly. Other income was CHF 312 million in first half 2005, down from CHF 325 million in the same period a year ago, partly due to lower equity in income of associates. Operating expenses In first half 2005, total operating expenses were CHF 13,460 million, down 3% from CHF 13,947 million in the same period a year earlier. The decrease mainly reflects the discontinuation of goodwill amortization from 1 January 2005 onwards. Personnel expenses rose 2% to CHF 9,805 million in first half 2005 from CHF 9,643 million a year earlier. Salary expenses were pushed up by the continuous expansion of our business as well as annual pay rises. Costs for contractors rose as well, reflecting the integration of previously outsourced IT staff earlier in the year. These effects were partly offset by lower accruals for performance-related payments, in line with revenue developments, and the absence of retention payments for key personnel in the Wealth Management USA business, which ended in June 2004. Personnel expenses are managed on a full-year basis with final fixing of annual performance-related payments in fourth quarter. At CHF 2,962 million in first half 2005, general and administrative expenses decreased from CHF 3,240 million in the same period a year ago. This drop was mainly driven by a reduction in operational risk costs. While a year ago we recorded a civil penalty levied by the Federal Reserve Board relating to our banknote trading business and an increase of other operational provisions, this period we benefited from the reversal of previously made provisions. Savings in rent and maintenance of equipment, IT costs and professional fees were offset by higher costs related to expanding business activity, mainly expenses for travel, telecommunications, administration and marketing. Page 6

Operating and Financial Review and Prospects Depreciation was CHF 636 million in first half 2005, virtually flat compared to CHF 625 million a year ago. At CHF 64 million, amortization of other intangible assets was down from CHF 87 million a year earlier, due to the reclassification of certain intangible assets within the Wealth Management USA unit per 1 January 2005. Under new accounting rules, these assets are classified as goodwill, which is no longer amortized. Tax We incurred a tax expense of CHF 1,247 million in first half 2005, reflecting an effective tax rate of 20.7% for the first six months of 2005. The tax rate for the first six months of 2005 was affected by strong profitability in high tax jurisdictions offset by the absence of non-deductible goodwill amortization which ceased at the beginning of 2005. We believe that the half-year tax rate is a reasonable indicator of the rate for the year as a whole. Fair value disclosure of shares and options The fair value of shares granted up to and including second quarter 2005 rose to CHF 1,235 million from CHF 1,193 million in first quarter. It was also higher than the grant total of CHF 1,113 million for full-year 2004. The increase compared to 2004 is primarily driven by an increased proportion of bonuses being delivered in restricted shares. The fair value of options granted in the first half of 2005 was CHF 336 million, down from CHF 468 million a year earlier. The decrease reflects a lower fair value per option, primarily due to a change in the valuation model, and a 2% drop in the number of options granted. Most share-based compensation is granted in the first quarter of the year, with any further grants mainly reflecting those made under the Equity Plus program, an ongoing employee participation program under which voluntary investments in UBS shares each quarter are matched with option awards. These amounts, net of estimated forfeited awards, will be recognized as compensation expense over the service period, which is generally equal to the vesting period. Most UBS share and option awards vest incrementally over a three-year period. Page 7

Operating and Financial Review and Prospects Wealth Management & Business Banking Business Group Reporting % change Year to date or as at from CHF million, except where indicated 30.6.05 30.6.04 1H04 Income 6,707 6,411 5 Adjusted expected credit loss 1 47 (25) Total operating income 6,754 6,386 6 Cash components 2,419 2,214 9 Share-based components 67 60 12 Total personnel expenses 2,486 2,274 9 General and administrative expenses 856 810 6 Services to / from other business units 364 467 (22) Depreciation of property and equipment 71 61 16 Amortization of goodwill 0 32 (100) Amortization of other intangible assets 4 5 (20) Total operating expenses 3,781 3,649 4 Business Group performance before tax 2,973 2,737 9 Performance indicators Cost / income ratio (%) 2 56.4 56.9 Capital return and BIS data Return on adjusted regulatory capital 3 44.3 43.1 BIS risk-weighted assets (CHF million) 124,553 118,210 5 Goodwill (CHF million) 1,502 1,133 33 Adjusted regulatory capital (CHF million) 4 13,957 12,954 8 Additional information Client assets (CHF billion) 1,832 1,597 15 Headcount (full-time equivalents) 26,558 25,627 4 1 In management accounts, adjusted expected credit loss rather than credit loss expense is reported for the business groups (see Note 2 to the 30 June 2005 financial statements). 2 Operating expenses / income. 3 Annualized year to date Business Group performance before tax / adjusted regulatory capital year to date average. 4 10% of BIS risk-weighted assets plus goodwill. Page 8

Operating and Financial Review and Prospects Wealth Management Business Unit Reporting % change Year to date or as at from CHF million, except where indicated 30.6.05 30.6.04 1H04 Income 4,236 3,862 10 Adjusted expected credit loss 1 (2) (4) 50 Total operating income 4,234 3,858 10 Cash components 1,205 1,023 18 Share-based components 47 36 31 Total personnel expenses 1,252 1,059 18 General and administrative expenses 383 292 31 Services to / from other business units 681 708 (4) Depreciation of property and equipment 36 29 24 Amortization of goodwill 0 32 (100) Amortization of other intangible assets 4 5 (20) Total operating expenses 2,356 2,125 11 Business Unit performance before tax 1,878 1,733 8 Performance indicators Invested assets (CHF billion) 890 750 19 Net new money (CHF billion) 2 33.8 24.4 Gross margin on invested assets (bps) 3 102 106 (4) Cost / income ratio (%) 4 55.6 55.0 Client advisors (full-time equivalents) 3,992 3,463 15 International clients Income 3,037 2,702 12 Invested assets (CHF billion) 659 535 23 Net new money (CHF billion) 2 31.5 22.2 Gross margin on invested assets (bps) 3 100 105 (5) European wealth management (part of international clients) Income 327 191 71 Invested assets (CHF billion) 101 65 55 Net new money (CHF billion) 2 12.5 6.9 Client advisors (full-time equivalents) 819 781 5 Swiss clients Income 1,199 1,160 3

Invested assets (CHF billion) 231 215 7 Net new money (CHF billion) 2 2.3 2.2 Gross margin on invested assets (bps) 3 108 109 (1) Capital return and BIS data Return on adjusted regulatory capital (%) 5 76.9 89.1 BIS risk-weighted assets (CHF million) 38,996 31,549 24 Goodwill (CHF million) 1,502 1,133 33 Adjusted regulatory capital (CHF million) 6 5,402 4,288 26 Additional information Recurring income (CHF million) 7 3,113 2,805 11 Client assets (CHF billion) 1,108 944 17 Headcount (full-time equivalents) 10,901 9,688 13 1 In management accounts, adjusted expected credit loss rather than credit loss expense is reported for the business groups (see Note 2 to the 30 June 2005 financial statements). 2 Excludes interest and dividend income. 3 Income (annualized) / average invested assets. 4 Operating expenses / income. 5 Annualized year to date Business Unit performance before tax / adjusted regulatory capital year to date average. 6 10% of BIS risk-weighted assets plus goodwill. 7 Interest, asset-based fees for portfolio management and fund distribution, account-based and advisory fees. Page 9

Operating and Financial Review and Prospects Performance indicators Net new money in first half 2005 was a record CHF 33.8 billion, up 39% from CHF 24.4 billion a year earlier. The international clients area recorded CHF 31.5 billion in net new money, driven by a record inflow into our domestic European business and further strong contributions from Asian clients. The Swiss clients area showed an inflow of CHF 2.3 billion, against CHF 2.2 billion a year earlier. Invested assets on 30 June 2005 were CHF 890 billion, up by CHF 140 billion or 19% from a year earlier, reflecting positive market performance and strong net new money. Levels also rose due to the integration of a number of acquisitions. In first half 2005, the gross margin on invested assets was 102 basis points, down four basis points from a year earlier. The drop reflects the sharp and sustained rise in invested asset levels in the first six months of the year and a time lag in the booking of corresponding fees. The cost / income ratio, at 55.6% in first half 2005, deteriorated by 0.6 percentage points from 55.0% a year earlier, reflecting the fact that revenues rose at a slower pace than expenses, due to the integration of a number of acquisitions. Amortization of goodwill accounted for 0.8 percentage points of the ratio in first half 2004. Results In first half 2005, pre-tax profit, at CHF 1,878 million, was up 8% from CHF 1,733 million in first half 2004 and at the highest level ever recorded. The strength reflects increased asset-based fees as a result of the record asset base and higher interest income. Operating income Total operating income, at a record CHF 4,234 million in first half 2005, rose 10% from CHF 3,858 million in first quarter 2005. Recurring income, at CHF 3,113 million, was up by 11% from the same period last year on the higher asset base. Rising interest income, a reflection of the expansion of our margin lending activities, also helped recurring income. Non-recurring income increased by CHF 66 million or 6% from the same period last year to CHF 1,123 million. Operating expenses Operating expenses were CHF 2,356 million in first half 2005, up 11% from CHF 2,125 million in the same period a year earlier. Personnel expenses increased to CHF 1,252 million in first half 2005 from CHF 1,059 million a year earlier, reflecting higher salary expenses related to our global expansion. General and administrative expenses were CHF 383 million, up CHF 91 million or 31% from a year earlier, reflecting the integration of the operations of Dresdner Bank Latin America, higher costs for marketing and travel and entertainment, the latter reflecting the expansion of our business. Depreciation rose to CHF 36 million in first half 2005 from CHF 29 million a year earlier also related to business growth. Page 10

Operating and Financial Review and Prospects Business Banking Switzerland Business Unit Reporting % change Year to date or as at from CHF million, except where indicated 30.6.05 30.6.04 1H04 Interest income 1,662 1,707 (3) Non-interest income 809 842 (4) Income 2,471 2,549 (3) Adjusted expected credit loss 1 49 (21) Total operating income 2,520 2,528 0 Cash components 1,214 1,191 2 Share-based components 20 24 (17) Total personnel expenses 1,234 1,215 2 General and administrative expenses 473 518 (9) Services to / from other business units (317) (241) (32) Depreciation of property and equipment 35 32 9 Amortization of goodwill 0 0 Amortization of other intangible assets 0 0 Total operating expenses 1,425 1,524 (6) Business Unit performance before tax 1,095 1,004 9 Performance indicators Invested assets (CHF billion) 148 139 6 Net new money (CHF billion) 2 3.0 2.0 Cost / income ratio (%) 3 57.7 59.8 Non-performing loans / gross loans (%) 2.0 2.8 Impaired loans / gross loans (%) 2.6 3.8 Capital return and BIS data Return on adjusted regulatory capital (%) 4 25.6 22.8 BIS risk-weighted assets (CHF million) 85,557 86,661 (1) Goodwill (CHF million) 0 0 Adjusted regulatory capital (CHF million) 5 8,556 8,666 (1) Additional information Deferral (included in adjusted expected credit loss) (CHF million) 232 205 13 Client assets (CHF billion) 724 653 11 Headcount (full-time equivalents) 15,657 15,939 (2) 1 In management accounts, adjusted expected credit loss rather than credit loss expense is reported for the business groups (see Note 2 to the 30 June 2005 financial statements). 2 Excludes interest and dividend income. 3 Operating expenses / income. 4 Annualized year to date Business Unit performance before tax / adjusted regulatory capital year to date average. 5 10% of BIS risk-weighted assets plus goodwill.

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Operating and Financial Review and Prospects Performance indicators Net new money, at CHF 3.0 billion in first half 2005, rose from CHF 2.0 billion a year earlier, as a number of our existing custody clients increased their investment management mandates. Invested assets, at CHF 148 billion on 30 June 2005, were up by CHF 9 billion from 30 June 2004, reflecting the positive impact of financial market developments and the inflow of net new money. In first half 2005, the cost / income ratio was 57.7%, down 2.1 percentage points from a year earlier, as expenses fell to a record low. The loan portfolio, at CHF 140.5 billion on 30 June 2005, was CHF 1.7 billion above the level a year earlier. The non-performing loans ratio improved to 2.0% on 30 June 2005 from 2.8% a year earlier, while the impaired loans ratio was 2.6% at the end of June 2005 against 3.8% at the end of the first half 2004. The return on adjusted regulatory capital was 25.6% in first half 2005, up from 22.8% in the previous year on the significant increase in pre-tax profit set against the largely unchanged regulatory capital level. Results In first half 2005, Business Banking Switzerland reported pre-tax profit of CHF 1,095 million CHF 91 million or 9% higher than in first half 2004. The result shows the continued tight management of our cost base, with lower adjusted expected credit loss reflecting the structural improvement in our loan portfolio in recent years. Operating income Total operating income in first half 2005 was CHF 2,520 million, down a marginal CHF 8 million from a year earlier. Interest income fell to CHF 1,662 million in first half 2005 from CHF 1,707 million a year earlier. The fall reflected lower interest margins as clients shifted to fixed from variable rate mortgages and the ongoing reduction of the recovery portfolio. Non-interest income declined to CHF 809 million in first half 2005 from CHF 842 million a year earlier. Adjusted expected credit loss was a positive CHF 49 million, up from a negative CHF 21 million a year earlier, because of the deferred benefit of the structural improvement in our loan portfolio. Operating expenses Total operating expenses decreased to a new record low of CHF 1,425 million in first half from CHF 1,524 million a year earlier, as net charges to other business units rose to CHF 317 million from CHF 241 million, partly because more IT services were provided. Personnel expenses increased to CHF 1,234 million in first half 2005 from CHF 1,215 million a year earlier, mainly reflecting higher expenses for early retirement programs. General and administrative expenses were CHF 473 million in first half 2005, down by 9% from a year earlier due to ongoing cost discipline. Depreciation increased in first half 2005 to CHF 35 million from CHF 32 million a year earlier, reflecting higher expenses for IT depreciation. Page 12

Operating and Financial Review and Prospects Global Asset Management Business Group Reporting % change Year to date or as at from CHF million, except where indicated 30.6.05 30.6.04 1H04 Institutional fees 579 544 6 Wholesale Intermediary fees 539 461 17 Total operating income 1,118 1,005 11 Cash components 419 421 0 Share-based components 42 37 14 Total personnel expenses 461 458 1 General and administrative expenses 142 118 20 Services to / from other business units 61 66 (8) Depreciation of property and equipment 10 12 (17) Amortization of goodwill 0 66 (100) Amortization of other intangible assets 0 0 Total operating expenses 674 720 (6) Business Group performance before tax 444 285 56 Performance indicators Cost / income ratio (%) 1 60.3 71.6 Institutional Invested assets (CHF billion) 396 338 17 of which: money market funds 18 17 6 Net new money (CHF billion) 2 7.8 17.7 of which: money market funds (0.6) (0.5) Gross margin on invested assets (bps) 3 31 33 (6) Wholesale Intermediary Invested assets (CHF billion) 290 257 13 of which: money market funds 63 73 (14) Net new money (CHF billion) 2 10.9 (6.0) of which: money market funds (7.0) (14.7) Gross margin on invested assets (bps) 3 40 35 14 Capital return and BIS data Return on adjusted regulatory equity (%) 4 61.3 36.3 BIS risk-weighted assets (CHF million) 1,629 1,731 (6) Goodwill (CHF million) 1,389 1,341 4 Adjusted regulatory capital (CHF million) 5 1,552 1,514 3 Additional information Client assets (CHF billion) 686 595 15 Headcount (full-time equivalents) 2,719 2,604 4

1 Operating expenses / operating income. 2 Excludes interest and dividend income. 3 Operating income (annualized) / average invested assets. 4 Annualized year to date Business Group performance before tax / adjusted regulatory capital year to date average. 5 10% of BIS risk-weighted assets plus goodwill. Page 13

Operating and Financial Review and Prospects Performance indicators The cost / income ratio was at 60.3% in first half 2005, down from 71.6% a year earlier. The improvement was driven by rising revenues, which benefited from higher market valuations. Goodwill amortization accounted for 6.5 percentage points of the ratio in 2004. Institutional Institutional invested assets were CHF 396 billion on 30 June 2005, up by CHF 58 billion from a year earlier. The gain reflected net new money inflows, higher financial market valuations and positive currency impacts. Net new money was CHF 7.8 billion in first half 2005, down from CHF 17.7 billion a year earlier reflecting lower inflows in alternative and quantitative investments. The gross margin was 31 basis points in first half 2005, a decrease of 2 basis points from a year earlier. This reflects lower performance fees earned, particularly in alternative investments. Wholesale Intermediary Invested assets on 30 June 2005 were CHF 290 billion, up by CHF 33 billion from a year earlier, reflecting strong net new money inflows, positive market performance and currency impacts. Net new money was CHF 10.9 billion in first half 2005, up from a CHF 6.0 billion outflow in the same period a year earlier. This reflects the continued focus on new products such as global asset allocation and sector funds, which continue to attract new investment from clients as well as lower outflows in money market funds. The main drivers were strong inflows into equity funds and asset allocation funds in Europe and the Americas. The gross margin was 40 basis points in first half 2005, up from 35 basis points a year earlier, reflecting the continuing change in asset mix towards higher-margin products. Results Pre-tax profit for first half 2005 was CHF 444 million, up from CHF 285 million a year earlier. The result reflects higher management fees in traditional investments and increased fund services fees partially offset by the decline in revenue from performance-based revenues in the alternative and quantitative businesses. Operating income Total operating income in first half 2005 was CHF 1,118 million, up from CHF 1,005 million a year earlier, reflecting higher assetbased management fees from traditional investments, due to continued strong net new money inflows, favorable market valuations and currency impacts as well as the first time inclusion of the Siemens real estate business in Germany. Institutional revenues totaled CHF 579 million in first half 2005, a 6% increase from CHF 544 million a year earlier, largely a result of higher performance fees from traditional investments. Wholesale intermediary revenues were CHF 539 million in first half 2005, up from CHF 461 million a year earlier, a result of strong net new money inflows, the continuing shift into higher-margin assets as well as increased market valuations. Page 14

Operating and Financial Review and Prospects Operating expenses Total operating expenses decreased to CHF 674 million in first half 2005, down from CHF 720 million a year earlier. Personnel expenses were CHF 461 million in first half 2005, up from CHF 458 million a year earlier. General and administrative expenses were CHF 142 million in first half 2005, up from CHF 118 million a year earlier. The main drivers for this increase were the inclusion of the Siemens acquisition and impacts of the stronger US dollar as well as other general and administrative expenses. Net charges from other business units fell CHF 5 million to CHF 61 million in first half 2005, mainly reflecting higher cost chargeouts to the wealth management businesses for alternative investment products. Amortization of goodwill was CHF 66 million in first half 2004. In 2005, goodwill is no longer amortized due to new International Financial Reporting Standards (IFRS). Page 15

Operating and Financial Review and Prospects Investment Bank Business Group Reporting % change Year to date or as at from CHF million, except where indicated 30.6.05 30.6.04 1H04 Equities 3,084 3,123 (1) Fixed income, rates and currencies 3,865 4,594 (16) Investment banking 1,064 971 10 Income 8,013 8,688 (8) Adjusted expected credit loss 1 18 (4) Total operating income 8,031 8,684 (8) Cash components 3,763 3,955 (5) Share-based components 570 543 5 Total personnel expenses 4,333 4,498 (4) General and administrative expenses 951 1,259 (24) Services to / from other business units 285 89 220 Depreciation of property and equipment 57 113 (50) Amortization of goodwill 0 128 (100) Amortization of other intangible assets 25 18 39 Total operating expenses 5,651 6,105 (7) Business Group performance before tax 2,380 2,579 (8) Performance indicators Compensation ratio (%) 2 54 52 Cost / income ratio (%) 3 70.5 70.3 Non-performing loans / gross loans (%) 0.2 0.4 Impaired loans / gross loans (%) 0.3 0.7 Average VaR (10-day 99%) 362 331 9 Capital return and BIS data Return on adjusted regulatory capital (%) 4 28.9 36.3 BIS risk-weighted assets (CHF million) 141,453 113,438 25 Goodwill (CHF million) 3,788 3,273 16 Adjusted regulatory capital (CHF million) 5 17,933 14,617 23 Additional information Deferral (included in adjusted expected credit loss) (CHF million) 73 39 87 Client assets (CHF billion) 161 142 13 Headcount (full-time equivalents) 17,005 15,530 9 1 In management accounts, adjusted expected credit loss rather than credit loss expense is reported for the business groups (see Note 2 to the 30 June 2005 financial statements). 2 Personnel expenses / income. 3 Operating expenses / income.

4 Annualized year to date Business Group performance before tax / adjusted regulatory capital year to date average. 5 10% of BIS risk-weighted assets plus goodwill. Page 16

Operating and Financial Review and Prospects Performance indicators In first half 2005, the cost / income ratio was 70.5%, up from 70.3% a year earlier. Goodwill amortization accounted for 1.5 percentage points of the ratio in first half 2004. The compensation ratio for first half 2005 was 54%, up two percentage points from the same period a year earlier. This reflects higher levels of headcount and an increase in the charge for share-based compensation, driven by awards made in 2005 for the 2004 financial year, as compensation contained an increased proportion of stock. On 30 June 2005, the Investment Bank s outstanding loans stood at CHF 85.7 billion. The non-performing loans to gross loans ratio fell to 0.2% in first half 2005 from 0.4% in the same period a year earlier. The impaired loans to gross loans ratio decreased to 0.3% at 30 June 2005 from 0.7% at 30 June 2004. The return on adjusted regulatory capital was 28.9% in first half 2005, down from 36.3% in the same period a year earlier. This reflects higher risk-weighted assets mainly due to an increase in lending activity combined with lower annualized pre-tax profit. Goodwill amortization accounted for 1.8 percentage points of the ratio in first half 2004. Results Pre-tax profit in first half 2005 was CHF 2,380 million, down from CHF 2,579 million in the same period last year. Excellent results in investment banking reflecting the strength of our corporate client franchise and resilient revenues from our equities business partly compensated for the shortfall in fixed income, rates and currencies revenues. Operating income Total operating income in first half 2005 was CHF 8,031 million, down 8% from the same period a year earlier. The equities business posted revenues of CHF 3,084 million in first half 2005, down from CHF 3,123 million in the same period in 2004. Prime brokerage had a strong half year and performance in the derivatives business was solid, aided by improved options volume early in the second quarter. Income from secondary cash trading saw a moderate decrease on uncertain market conditions. Equity capital markets revenues fell despite market share increases in most regions due to a lower level of issuance in the market. Fixed income, rates and currencies revenues were CHF 3,865 million in first half 2005. Compared to the result achieved in first half 2004, revenues were down 16%. Difficult trading conditions resulted in lower revenues in our credit fixed income and rates business lines. Revenues in the cash and collateral trading business rose, offsetting declines in foreign exchange trading. Credit default swaps hedging our loan exposures recorded CHF 91 million in revenues against revenues of CHF 65 million a year earlier. Investment banking revenues, at CHF 1,064 million in first half 2005, were up 10% from a year earlier and at their strongest level ever for a first half since 2001. Excluding the impact of currency movements and credit hedging costs, revenues increased 17%, driven by very strong growth in Europe and the Americas and solid growth in Asia Pacific. Page 17

Operating and Financial Review and Prospects Operating expenses Total operating expenses in first half 2005 were CHF 5,651 million, down 7% from the same period last year. Personnel expenses were CHF 4,333 million. Compared to a year earlier, personnel expenses decreased by 4% as reduced accruals for cash bonuses, in line with lower revenues, were partially offset by a rise in headcount. Share-based compensation was up 5% from the prior year, mainly reflecting the increase in award value, mostly due to shares granted in 2005 as part of compensation for the financial year 2004. General and administrative expenses declined 24% to CHF 951 million in first half 2005 from the same period last year, driven by a reduction in operational risk costs. While a year ago we recorded a civil penalty levied by the Federal Reserve Board relating to our banknote trading business and an increase of other operational provisions, this year we benefited from the reversal of provisions previously made. Depreciation expense was CHF 57 million, down 50% from a year earlier due to the transfer of further IT infrastructure functions into our central ITI unit in Corporate Center. Page 18

Operating and Financial Review and Prospects Wealth Management USA Business Group Reporting % change Year to date or as at from CHF million, except where indicated 30.6.05 30.6.04 1H04 Private client revenues 2,543 2,528 1 Municipal finance revenues 180 186 (3) Net goodwill funding (97) (93) (4) Income 2,626 2,621 0 Adjusted expected credit loss 1 (2) (4) 50 Total operating income 2,624 2,617 0 Cash components 1,696 1,765 (4) Share-based components 70 66 6 Total personnel expenses 1,766 1,831 (4) General and administrative expenses 395 400 (1) Services to / from other business units 130 163 (20) Depreciation of property and equipment 32 36 (11) Amortization of goodwill 0 100 (100) Amortization of other intangible assets 24 55 (56) Total operating expenses 2,347 2,585 (9) Business Group performance before tax 277 32 766 Acquisition costs Net goodwill funding 2 97 93 4 Retention payments 0 99 (100) Amortization of goodwill 0 100 (100) Amortization of other intangible assets 24 55 (56) Total acquisition costs 121 347 (65) 1 In management accounts, adjusted expected credit loss rather than credit loss expense is reported for business groups (see Note 2 to the 30 June 2005 financial statements). 2 Goodwill and intangible asset-related funding, net of risk-free return on the corresponding equity allocated. Page 19

Operating and Financial Review and Prospects Wealth Management USA (continued) % change Performance indicators Year to date or as at from 30.6.05 30.6.04 1H04 Invested assets (CHF billion) 725 652 11 Net new money (CHF billion) 1 6.6 5.0 Interest and dividend income (CHF billion) 2 8.8 7.4 19 Gross margin on invested assets (bps) 3 78 81 (4) Cost / income ratio (%) 4 89.4 98.6 Recurring income (CHF million) 5 1,380 1,232 12 Financial advisor productivity (CHF thousand) 6 341 336 1 Capital return and BIS data Return on adjusted regulatory capital (%) 7 10.0 1.2 BIS risk-adjusted assets (CHF million) 19,885 19,250 3 Goodwill (CHF million) 4,173 3,243 29 Adjusted regulatory capital (CHF million) 8 6,162 5,168 19 Additional information Client assets (CHF billion) 766 696 10 Headcount (full-time equivalents) 17,501 17,087 2 Financial advisors (full-time equivalents) 7,474 7,360 2 1 Excludes interest and dividend income. 2 For purposes of comparison with US peers. 3 Income (annualized) / average invested assets. 4 Operating expenses / income. 5 Interest, asset-based fees for portfolio management and fund distribution, account-based and advisory fees. 6 Private client revenues / average number of financial advisors. 7 Annualized year to date Business Group performance before tax / adjusted regulatory capital year to date average. 8 10% of BIS risk-weighted assets plus goodwill. Performance indicators Invested assets were CHF 725 billion on 30 June 2005, up 11% from CHF 652 billion on the same date a year earlier. In US dollar terms, invested assets increased 8% in the period, reflecting a positive market performance, and inflows of net new money. The inflow of net new money in first half 2005 was CHF 6.6 billion compared to CHF 5.0 billion a year earlier. Including interest and dividends, net new money in first half 2005 was CHF 15.4 billion, up from CHF 12.4 billion a year earlier. The gross margin on invested assets was 78 basis points in first half 2005, down from 81 basis points a year earlier. The cost / income ratio was 89.4% in first half 2005, down from 98.6% a year earlier. Acquisition costs (retention payments, amortization of goodwill and other intangible assets and net goodwill funding) accounted for 8.6 percentage points of this decrease. Page 20

Operating and Financial Review and Prospects Recurring income, including interest income as well as asset-based fees for portfolio management and fund distribution, accountbased and advisory fees, stood at CHF 1,380 million in first half 2005, up 12% from CHF 1,232 million a year earlier. Excluding the effects of currency fluctuations, recurring income increased 17% in first half, driven by rising asset levels in managed account products and higher net interest income from our lending business, representing more than half of total revenues in the period. Productivity per advisor rose to CHF 341,000 in first half 2005 from CHF 336,000 a year earlier, reflecting rising recurring income. Financial advisor headcount was 7,474 on 30 June 2005, up 114 from 7,360 on the same date a year earlier. We continue to invest in recruiting and training, with our primary aim remaining the hiring of talented and highly productive financial advisors. Results Because our business is almost entirely conducted in US dollars, comparisons of results to prior periods are affected by the movements of the US dollar against the Swiss franc. In first half 2005, the US dollar s average rate depreciated 4% against the Swiss franc compared to first half 2004. Pre-tax profit was CHF 277 million in first half 2005, up from CHF 32 million a year earlier. In US dollar terms, our performance was 9% higher compared to first half 2004, mainly reflecting higher recurring income. Operating income Total operating income in first half 2005 was CHF 2,624 million, up from CHF 2,617 million a year earlier. In US dollar terms, our operating income was 4% higher compared to first half 2004, reflecting higher recurring income. Operating expenses In first half 2005, total operating expenses were CHF 2,347 million, down 9% from a year earlier. Personnel expenses, at CHF 1,766 million, fell 4% from a year earlier. In US dollar terms, overall personnel expenses were flat. Non-personnel expenses fell to CHF 581 million from CHF 754 million a year earlier. Amortization of goodwill was CHF 100 million in first half 2004 and ceased to be recorded in 2005 due to an accounting change. Page 21

Operating and Financial Review and Prospects Corporate Center Corporate Center recorded a pre-tax loss of CHF 49 million in first half 2005, compared to a pre-tax loss of CHF 16 million a year earlier. Business Group Reporting % change Year to date or as at from CHF million, except where indicated 30.6.05 30.6.04 1H04 Income 815 709 15 Credit loss (expense) / recovery 1 143 163 (12) Total operating income 958 872 10 Cash components 697 544 28 Share-based components 62 38 63 Total personnel expenses 759 582 30 General and administrative expenses 618 653 (5) Services to / from other business units (847) (796) (6) Depreciation of property and equipment 466 403 16 Amortization of goodwill 0 37 (100) Amortization of other intangible assets 11 9 22 Total operating expenses 1,007 888 13 Business Group performance before tax (49) (16) (206) Additional information BIS risk-weighted assets (CHF million) 10,368 12,877 (19) Headcount (full-time equivalents) 5,417 5,174 5 1 In order to show the relevant Business Group performance over time, adjusted expected credit loss rather than credit loss expense is reported for all business groups. The difference between the adjusted expected credit loss and credit loss expense recorded at Group level is reported in the Corporate Functions (see Note 2 to the 30 June 2005 financial statements). Page 22

Operating and Financial Review and Prospects Private Banks & GAM Business Unit reporting % change Year to date or as at from CHF million, except where indicated 30.6.05 30.6.04 1H04 Income 585 567 3 Adjusted expected credit loss 1 (10) 0 Total operating income 575 567 1 Cash components 216 210 3 Share-based components 5 4 25 Total personnel expenses 221 214 3 General and administrative expenses 82 84 (2) Services to / from other business units 5 6 (17) Depreciation of property and equipment 13 10 30 Amortization of goodwill 0 37 (100) Amortization of other intangible assets 3 1 200 Total operating expenses 324 352 (8) Business Unit performance before tax 251 215 17 Performance indicators Invested assets (CHF billion) 101 94 7 Net new money (CHF billion) 2 0.2 8.9 Cost / income ratio (%) 3 55.4 62.1 Capital return and BIS data Return on adjusted regulatory capital (%) 4 81.6 61.9 BIS risk-weighted assets (CHF million) 2,924 2,906 1 Goodwill (CHF million) 349 389 (10) Adjusted regulatory capital (CHF million) 5 641 680 (6) Additional information Client assets (CHF billion) 102 95 7 Headcount (full-time equivalents) 1,657 1,623 2 1 In management accounts, adjusted expected credit loss rather than credit loss expense is reported for the business units (see Note 2 to the 30 June 2005 financial statements). 2 Excludes interest and dividend income. 3 Operating expenses / income. 4 Annualized year to date Business Unit performance before tax / adjusted regulatory capital year to date average. 5 10% of BIS risk-weighted assets plus goodwill. Page 23